Did I make the right move?


#1

I bought in on an 11PM AUDUSD spread because my technical analysis indicated that it would rise. I bought it at the .7190-.7390 spread when the offer was .7199 because it was closest to the floor and because the risk/reward ratio was about 1:6. Did I make the right move? Should I have done something different? What other indicators are really helpful to use?


#2

Hi Jasen:

Questions for you, if you don’t mind, with appreciation placed for posting the chart, firstly:

  1. Have you completed the starter course - Get Started and then each of the courses one by one? If not, start with this:

http://apexinvesting.net/izone-sharpshooter-course/

The second course in this series will detail the indicators used in the Izone sharpshooter ( IZSS). Very useful and provides a basic overview of the indicators you need. Do a deep-dive on those indicators by searching within the forum.

  1. If you don’t have patience to go through other courses, you should start with #1 mentioned above :smile:

  2. Most important indi I use is Expected Range and Expected Volume. Both will tell me if I am entering at the right time, right place to sustain the travel for enough pips. What I mean is you can give enough gas to climb up the hill, but what is the use if you know you are going to face more resistance just uphill. The place you entered seems to have reasonable volume, but is that good enough to provide the push you need, especially when you see resistance at .7210 ( It has been there 3 times to face the resistance).

  3. Even if you were to have a good volume, you will just be waiting in the signal wasting the gas, so to speak. :). I will not have entered.

Alternately, if you go to a higher time frame, you could see better. This is where Expected Range and Volume will play a role. Darrell used to refer in his training video about magnetic lines - which are individual bases acting alone, but synchronize as in relay race. They jump from one to another level and stay there for certain duration, but always rest well on busy junctions. These junctions have more magnetism - also called Deviation Levels. This is where big players have placed themselves with orders parked. :smile:

So if you had known these two indicators you will know what to expect or how far to expect at 4.30 PM on a certain day, in the absence of any news impacting effect, negatively or otherwise.

A friendly suggestion to watch the videos. The way I do it, especially for educational books, videos etc is this:

  1. First read the book / watch the video fully, without inhibitions,
    denials, anxiety or prejudices.

Watch the same video with the knowledge of what you have watched first time. This could and mostly will give you the ‘aha’ moment that slipped the first time you watched the video.

  1. Connect with the areas as to where you think you knew something earlier, or learnt something new. This is very key point. We hang around with people whom we know better and then through him/her we get to know a new person with much more credibility. So connect with the areas of the videos to understand more of what you already know so that you can sneak peek on the areas of what you didn’t know better.

In my story, I used to struggle placing trades during the afternoon times. Nothing worked specifically. Then one day, I watched a video by Darrel or John, where he mentioned that the afternoon trades are kind of idle and not much movement. Which is exactly what I wanted. For an Iron Condor kind of set up on Binaries, you buy a Nadex pair below the market (with the ceiling or top of the spread where the market is trading at the time). You also sell a Nadex pair above the market (with the floor or bottom of the spread where the market is trading at the time). Which means, the current market price is sandwiched between your buy and sell and ENSURE THAT IT STAYS BETWEEN THERE. This is a great way for the afternoons where the price does not move drastically up or down. I had misinterpreted this set up and bought a BUY&SELL instead of SELL&BUY. I lost the match on that trade. The point is to watch the videos more than just once. You will be surprised to learn new things in the iteration.

  • Finally, Elite room is a great way to ask questions and post charts. People are more willing to correct. I am constrained for various reasons to go there, but do nevertheless.

Hope the above points will help you. Anyways, thanks for the opportunity.

Best, Koti


#3

Please Note: The reference to floor and ceiling is influenced by this article.

For an Iron Condor, you buy a Nadex EUR/USD spread below the market with the ceiling or top of the spread where the market is trading at the time. You also sell a Nadex EUR/USD spread above the market with the floor or bottom of the spread where the market is trading at the time.

Sorry, there is no floor or ceiling for binaries.


#4

Yes for Nadex Spreads we do use the Izone Sharpshooter System, please watch the step by step Izone Sharpshooter course for information on how we trade Nadex Spreads


#5

I went through most videos but I’ll go through them again. I definitely missed some things. When I did this trade I also didn’t have ninjatrader working yet. I’m determined to get this figured out :grinning:


#6

Your system is not based on experience or profit. Buying a spread close to the floor or ceiling is the hardest way to trade a spread .


#7

Ok, I’ll get in and start using the elite systems.